Bids invited for railway station development project

Tribune News Service
New Delhi, February 23

The Indian Railway Stations Development Corporation (IRSDC) has invited request for proposal (RFP) for the leasing of four land parcels for the Chandigarh Railway Station redevelopment project.

Four land parcels, SP4 (12,427 sq mt), SP5 (15,027 sq mt), SP6 (17,890 sq mt) and SP7 (11,347 sq mt), spanning across 56,691 sq mt of land, with a total allowable built-up area (BUA) of 2,32,341 sq mt are available for mixed-use development.

Bidders can bid for all four land parcels or can also bid for an individual one, as per their choice, an IRSDC spokesperson said.

The plan is to develop Chandigarh Railway Station into a world-class transport hub to offer superior travel experience to passengers. The vacant land parcels which are part of the redevelopment are suitable for a mixed-use development (a zoning type that blends residential, commercial, cultural, institutional, entertainment uses into one space) that will have a positive effect on real estate prospects in the vicinity, added the spokesman.

The redevelopment is expected to help tourism, generate employment and have a cascading impact on local economy.

The development project has been cleared by the Central Government for long-term lease rights of up to 99 years for real estate. No change in land use certificate is required for railway station redevelopment anywhere in India.

The IRSDC will approve its master plan in consultation with the local authorities. Alternate Investment Funds (AIF) or foreign funds are also eligible to participate.

As part of redevelopment of railway stations, work on 123 stations is in progress. Of these, the IRSDC is working on 61 stations and the Rail Land Development Authority on 62 stations. As per the current estimates, total investment needed for the redevelopment of 123 stations along with real estate development is about Rs 50,000 crore.